Is your business ready for 2023? - Portland Business Journal

Experts share insight from working with small, midsize businesses and takeaways for a successful yearIt’s a new year; a time for fresh starts and looking ahead. But what can businesses expect from 2023?

“The big story for 2022 was inflation and the rising rate environment. We had a lot of conversations about navigating related impacts,” Cabrera said. While there are promising signs in jobs reports, the number of people participating in the workforce has been down for several reasons and companies are still having a hard time finding hourly employees. Meanwhile, larger employers are making cuts, which can signal a downturn ahead. Consumers who have less income to spend, coupled with ongoing inflation, means softer demand for goods and services.

“They are looking at the top line and trying to figure out: Can we manage if we had 10% less revenue? What about having 25% less?” Cabrera said. “It’s important not to overreact to ebbs and flows in the economy, which are natural. Instead, operate with a clear-eyed understanding that margins may further compress for a period of time and be as prepared as possible.

Operate in the here and now: Planning is critical to any business, but remain present and aware of your business needs. Be sure to have a plan to manage cyberthreats and prevent fraud. “We are continuing to see increases in account takeover and business email compromise, and encourage businesses to remain vigilant,” said Albright.

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